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Expert Alumni. The standard deduction for Married Filing Jointly with both people over 65 is $27,800. If you are both over 65 then double check your date of birth in the personal info section of your return. TurboTax will automatically increase the standard deduction and put a check mark in the box for you based on your birthdate entered.
Filing tax return with TurboTax I find that the computed Standard Deduction for me and my wife, both over 65 years age, resulted in a Standard deduction of $30,700; however, according to the chart in the 2023, 1040 instructions on page 34, we should get a Standard Deduction of $33,700. Why did Turb...
1 Best answer. If you were 65 by the end of 2023, the extra amount is added to your standard deduction automatically based on your date of birth. Your standard deduction lowers your taxable income. The standard deduction makes some of your income “tax free.”. It is not a refund.
Select your filing status below to get your 2023 standard deduction amount. Please note that if someone else claims you (or your spouse, if you're filing jointly) as their dependent, your standard deduction will be less than the amounts shown below. Single. Your standard deduction starts at$13,850. Example: Single filer Joe, who was born in ...
Hi, I turned 65 last year and Turbotax CORRECTLY calculated the standard deduction. The standard deduction is greater for those over 65. That's NOT my question. My question is about providing an EXPLANATION in the worksheets about how the number is calculated. There exists an explanation a...
Head of Household $18,000 (+ $1600 65 or older) 2019 Standard Deduction Amounts. Single $12,200 ($16,500 65 or older) Married Filing Separately $12,200 (+ $1650 if 65 or older) Married Filing Jointly $24,400 (+ $1300 for each spouse 65 or older) Head of Household $18,350 (+ $1650 for 65 or older) **Disclaimer: Every effort has been made to ...
Standard deductions for 2023. Single - $13,850 add $1,850 if age 65 or older Married Filing Separately - $13,850 add $1,500 if age 65 or older Married Filing Jointly - $27,700 add $1,500 for each spouse age 65 or older Head of Household - $20,800 add $1,850 if age 65 or older
February 6, 2023 4:03 PM. For 2022 the standard deduction amounts are: Single 12,950 + 1,750 or 65 and over or blind (14,700) HOH 19,400 + 1,750 for 65 and over or blind. Joint 25,900 + 1,400 for each 65 and over or blind. Married filing Separate 12,950 + 1,400 for 65 and over or blind. The Standard Deduction or your Itemized Deductions ...
Your standard deduction lowers your taxable income. It is not a refund. You will see your standard or itemized deduction amount on line 12 of your 2022 Form 1040. 2022 STANDARD DEDUCTION AMOUNTS . SINGLE $12,950 (65 or older + $1750) MARRIED FILING SEPARATELY $12,950 (65 or older + $1750) MARRIED FILING JOINTLY $25,900 (65 or older + $1400 per ...
Select Online menu if the customer is using Windows. Select “Help” if using a Mac. Select Send Tax File to Agent. A pop-up message will appear, and the customer will select, Send. If using Mac " Send Tax File to TurboTax Agent ". Note: Desktop will save a file to your computer unless you uncheck the box.